What is minnerlys interest charge for the first month, Finance Basics

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What is minnerlys interest charge for the first month

Problem

On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a $24,000 interest-only loan with a nominal rate of 11%. Interest is calculated on a simple interest basis with a 365-day year. What is Minnerly's interest charge for the first month (assuming 31 days in the month)?

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Finance Basics: What is minnerlys interest charge for the first month

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Finance Basics: What is minnerlys interest charge for the first month

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